- CloudTrade launches freight invoice processing solution, offering 100% accuracy for all major carriers
LONDON and NEW YORK, February 14, 2019: CloudTrade, the leading provider of e-invoicing, e-order and complex data capture services, today announced the launch of CloudTrade Logistics, a bespoke solution, tailor-made for the freight and logistics sector.
Built on CloudTrade’s unique, patented Gramatica technology and offering 100% accuracy for most major carriers; CloudTrade Logistics enables companies to overcome inefficient methods of freight invoice processing, to transact digitally with their trading partners, regardless of their size or technical maturity.
CloudTrade Logistics is the first solution of its type to enable freight payment providers, third-party logistics (3PLs) and business process outsourcing partners (BPOs) to increase efficiencies, slash operational costs and increase throughput, by eliminating the processing of PDF and paper invoices.
Roger Hatfield, VP at CloudTrade Logistics, says: “CloudTrade’s patent-protected software uses unique rules-based technology, with backward tracking search, to interpret, validate, and extrapolate semantic meaning from complex documents, of any type. So, whether it’s freight invoices, sales and purchase orders or advanced shipping notices, CloudTrade processes them automatically. Any of these documents can be used to integrate key supply chain data for improved landed costs analysis and reporting analytics.
“If you are a supplier or sender, we simply leverage technology that you’re already using – email – at no cost. For a buyer or receiver, freight invoices are delivered via your preferred approach – email, SFTP, HTTPS, FTP – and are available for download from our on-line portal. Once CloudTrade’s cloud-based data hub receives the PDF invoice, we extract all the necessary data elements and deliver them into your transportation management (TMS), payment and back office systems.”
CloudTrade Logistics delivers benefits to both sides of the trading relationship, from cost reduction, to increased control. Improving the ability to pay on time, increasing visibility and transparency within your business. Suppliers can produce their freight invoices in an easy and non-disruptive way. Removing the need for changes to their applications, infrastructure or internal processes. Unlike traditional EDI, CloudTrade doesn’t require any additional technical resources.
Cecil Bryan, President of the Logistics Alliance Network, adds: “Due to the nature of machine generated PDFs, a format that almost all supplier systems can produce, freight invoices in the PDF format can easily be mapped into an XML or EDI file – ensuring accuracy of the data. With this approach and CloudTrade’s patented technology, a carrier no longer has any barriers to sending digital data, which means the onboarding process is very quick and efficient.
“With CloudTrade logistics, the invoice data can easily be delivered into your freight payment or back office system for processing in a file format that meets your needs, quickly and efficiently. Enabling users to send and receive tax and VAT compliant invoices, that are processed at 100% accuracy, at a line level detail and at a fraction of the cost.”